A bull market exclusive to Bitcoin?
Bitcoin has hit a new high again today, with the price breaking through $96,000. However, compared to the previous consecutive breakthroughs, the trading volume has decreased significantly, which has also led to some bearish voices in the market, feeling that the $100,000 mark will be extremely difficult to reach, and worrying that the market funds will not be enough, so many funds have started to actively take profits to hedge.
Personally, I think it's very good for large funds to have this risk control awareness, and my consistent strategy is also to take profits on a portion of my holdings whenever a new high is reached, but taking profits does not mean I'm not optimistic about the future, it's just a means to keep myself steadfast, and you can also try it, for example, if you have a coin that you think has risen enough and you've made enough money, and you're a bit reluctant to hold it, at this point you can sell 1-5% of it, this kind of operation can help you sleep better.
Currently, whether it's the 4-hour or daily chart, Bitcoin is very healthy, and there is no reason or motivation for it to correct until it reaches $100,000+, as the daily chart has just started, so just wait patiently.
Bitcoin's market share has hit a new high, reaching 61.5%, compared to only 54% when BTC first hit its all-time high in March. The "Bitcoin-sucking altcoins" have become increasingly prominent, leading to Bitcoin's push to $95,000, with only 111 tokens showing an upward trend on Binance, while 1,155 tokens are in a downward trend...
Looking at the data from the previous bull market, when the market share reached around 67%, the altcoins collectively exploded. Based on this data, it's getting close, and let's see if we can inject some confidence into the altcoins when it reaches $100,000+, as long as market confidence returns, they will scream collectively again. Barring any unexpected events, it should be the mid-term before December, and the late-term may not be as good and could see a significant correction.
Does this round of the crypto market bull run still have an altcoin season?
I believe this is the biggest question in the minds of most of us, as Bit is almost at the [6-digit/coin] level, while the altcoins are still in a downward spiral. However, we retail investors have very few Bit in our hands, whether it's value coins or MEME coins, every day is just getting beaten up! I don't know when this will come to an end.
Bit continues to hit new highs, while the altcoins are in a state of lamentation, and the reason I've been talking about recently is:
The way this bull market is playing out is significantly more difficult compared to the past, with garbage flying high and mindless money-making opportunities seemingly long gone.
The market is now severely stratified, with large funds only recognizing Bit, so the new funds coming in are all focused on Bit, while the small funds inside the circle are strongly profit-seeking, going wherever the money is made.
Undoubtedly, only MEME can bring the money-making effect to everyone now, so the small funds are all attracted to the MEME on the chain and on the CEX, and there are even cases of Binance, Upbit, and OK, the top-tier CEXs, listing MEME, and once listed, they skyrocket, while if the listing is non-MEME, i.e. value coins, they plummet after listing.
In addition, the reigning altcoin king ETH has already been replaced by SOL this year, with the same-named MEME on the two chains, and the SOL chain is 10 times the size of the ETH chain, which is the market's choice, and this has also led to a worse performance of many projects in the Ethereum ecosystem, and these projects are the mainstay of the altcoins on the CEXs, so this year's altcoins are really not doing well.
There are only a few points that can have a breakthrough, and the altcoins on the CEXs may have a chance to take off:
First, Bit must break through $100,000 and stabilize above it for more than two weeks.
Second, the ETH staking ETF is approved, and off-chain funds start to focus on the Ethereum ecosystem and other blockchain native assets.
The third is the relaxation of crypto regulation, with another round of major innovation appearing on the chain, similar to the DeFi summer of the past, with the best-case scenario being the emergence of a few killer applications, so that capital and assets will naturally shift from a defensive to an offensive posture, and leverage will also be reopened.
As long as two of these three conditions are met, our familiar altcoin bull will be back!
One thing to remember at this time:
Don't let the market noise distract you, trading is actually very simple.
When it's rising, it's a good time to take profits, and when it's falling, it's a good time to position, it's just a matter of buying low and selling high.
